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SANTA ANA, CA-BPG Properties of Philadelphia has sold its 150,560-sf office building at 200 E. Sandpointe Ave. to an institutional investor for $39.7 million, according to BPG. The Philadelphia-based firm, which is a private equity real estate fund manager, reports that the sale follows the execution of a business plan that began when an affiliate of BPG acquired the eight-story office building in 2003.

The BPG affiliate completed extensive renovations that included improvements to the entrance lobby, a new roof and new landscaping. In addition, during its ownership of the property, BPG leased up to 19,500 sf to new tenants and renewed 87,000 sf with existing tenants.

According to Andrew White, senior vice president of BPG, the Sandpointe building is an example of the types of deals that the Philadelphia-based firm plans for its continued operations on the West Coast. BPG’s expanding presence in the West includes recent growth at its Los Angeles office, where it has hired new executives to handle upcoming transactions, and its recent purchase of the Iconic Financial Plaza Building in Mesa, AZ for $57.8 million.

The West Coast expansion adds to a BPG portfolio consisting of more than 20 million sf of office, retail, student housing and industrial properties and more than 25,000 apartment units. The company owns holdings in more than 100 locales throughout the US.

The 200 E. Sandpointe building sold in a transaction that was brokered by Bob Smith and Mike Kane of the Newport Beach office of CB Richard Ellis, who represented the seller. Last year, the 200 E. Sandpointe building was awarded a 2006 Office Building of the Year Award from the Building Owners and Managers Association in the category for office buildings of 100,000 sf to 249,000 sf in the region.

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